The 2009 Q1 results are in...

Official figures show that there was a dramatic contraction in the economy in the first three months of this year.

The Central Statistics Office said economic output, as measured by GDP (gross domestic product), fell at an annual rate of 8.5%. The decline in GNP (gross national product) - which excludes profits from multi-national companies based here - was even bigger at 12%. The CSO describes these figures as 'unprecedented' and they are weaker than economists had expected.

Consumer spending was more than 9% lower than the same period in 2008, while capital investment plummeted by 34%. Industrial output dropped 10.5% over the year, including a fall of 31.4% in construction output. New housing was down by 47%, and there was a 20% fall in other building and construction projects.

Other CSO figures showed a fall in the Balance of Payments current account deficit in the first three months of this year. The deficit was €2.53 billion, down from €4.18 billion a year earlier. The surplus on goods surged to €8 billion, mainly due to a slump in imports. The balance of payments measures flows of trade and income into and out of the country.